Contracts
In Michigan, an exclusive right-to-sell listing agreement means:
AThe broker earns a commission only if they personally find the buyer
BThe broker earns a commission regardless of who produces the buyer during the listing period✓ Correct
CThe seller retains the right to sell without paying commission
DThe broker can list the property on any MLS
Explanation
Under an exclusive right-to-sell listing, the broker is entitled to a commission if the property sells during the listing period, regardless of who finds the buyer — including the seller themselves.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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